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Nairaland Forum / Nairaland / General / Business / Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar (39013 Views)
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Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Toosure70: 5:50pm On Jan 21, 2016 |
To raw materials importers - #199
To toothpicks importers - #310
alibaba, aliexpress costumers take note. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Mackson01: 5:51pm On Jan 21, 2016 |
Can you make this kind of noise during gej? This is what is called change bicos somehow the voice of the populace now counts |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Yungbitz(m): 5:52pm On Jan 21, 2016 |
GTB CHEATED Me of over 66000 from a single transaction of $1320 last December..complained to both CBN n GTB all to no avail 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Bevista: 6:08pm On Jan 21, 2016 |
wirinet:All what you wrote is true, but it still doesn't change the fact that if the official exchange rate is devalued, the parallel rate would move towards it with only a possible N10 difference. --- Our situation is not caused by Emefiele. He has only inherited the outcome of years of mismanagement. Yet he has to, somehow, act to prevent it from getting worse. --- Whether we like it or not, there are genuine needs which the CBN has pushed away due to its demand management of Forex. However, as these demand get dollars at the ridiculous exchange rate in the black market, sooner or later, prices of items in the market will begin to reflect these imbalances. 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by leighcon(m): 6:23pm On Jan 21, 2016 |
onatisi: The forex you presume is sold to banks is not to them actually, they are sold to end users albeit through the banks. Such forex are only for approved transactions. By the way I did not write that the banks buy forex through the black market, they do interbank deals as well as purchasing from their customers who have forex inflows but need naira. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by ritzyvic1(m): 6:23pm On Jan 21, 2016 |
mohlanforex:Please can you tell me how recent the transaction u made with gtb naira MasterCard is, that's is after the exchange rate rose to 305? |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by mashnino(m): 6:30pm On Jan 21, 2016 |
ican2020: You just had to be a bastard dis evening... 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Aplaudez(m): 6:36pm On Jan 21, 2016 |
I sware it's realy affecting guys over here too, imagind a fone i wana order on jumia cost 15232 last wk, checked it dz mawin it has increase to 30210. almost double! |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by solid3(m): 6:36pm On Jan 21, 2016 |
Bevista: One bottle of Origin for this guy. 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Teenaira: 6:42pm On Jan 21, 2016 |
Bevista: My brother, most of the issues or suggestions you raised above are true but guess what, they are not the reality. Take for instance, I needed to travel recently to UK and all I wanted from my banker is to sell at least £200 to me since they are not ready to sell to me the normal PTA with a ceiling of about £ 4,000 which the CBN aLlows even after showing them all required documents. You know what, they refused, instead they told me to use my master card on getting to UK. I went to 3 big banks and it is the same story. My fair was that if I get to UK and something goes wrong then I am stranded. Invariably when I used the card I realized the exchange is at the prevailing black market rate. My brother, my happiness is that I was not stranded. The truth is that everything about the FX market in Nigeria is a big fraud for which the CBN can not logically claim ignorance. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by uchennaq(m): 6:47pm On Jan 21, 2016 |
[size=20pt]INFACT THIS ISSUE IS SERIOUS, FIRST BANK NIGERIA IS CHARGING ME OVER 4200 NAIRA FOR 10 POUNDS TRANSACTION. THATS OVER 420 NAIRA PER POUND. WHAT BAFFLED ME WAS A REFUND ISSUED BY PAYPAL AND AM SUPPOSE TO GET CREDIT OF 4281 NAIRA, BUT ALAS I WAS CREDITED JUST 3600 NAIRA.[/size] 3 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by kayol2012: 6:49pm On Jan 21, 2016 |
Agreed the official rate is N197 but the parallel market depends on the forces of demand and supply and also the wickedness of BDC because they can decide not to sell even when CBN sells to them @ N197 causing artificial scarcity. Firstly, the major source of USD or hard currency for FG is through revenue from crude. The revenue from this source has dwindled which ultimately means the reserve of USD with CBN has also reduced and this means CBN needs to prioritise the utilization of scarce but heavily demanded USD. Government has to make purchases in USD like purchase of equipment for prosecution of war, meeting debt commitment and other pressing commitment having at the back of your mind that Naira is worthless outside the shores of Nigeria except countries like Niger, Benin, Ghana and lesser extent cameroon i.e all govt commitment outside the country would be offset using USD. Govt has to prioritize either to sell to BDC and fund citizen desire to use imported items like toothpicks, expensive wines, watches and designer wears. Truth be told, Govt has no USD to continually fund those items earlier mentioned, hence, the decision to stop selling to BDC. To answer your question, if your needs fall within scope of what is approved by CBN, banks would sell to you @ official rate say for your travel ($10000 to be sold @ official rate provided you produce proof). The directive of the govt is not to fund items that are not on approved list and if any citizen chooses to use imported items then go source for USD. Banks are free to charge you any rate once your needs does not fall within confine of approved items. 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Bevista: 6:52pm On Jan 21, 2016 |
Teenaira:I do not dispute what you just said about your experience with the banks. However, I wouldn't call it fraud. I just think the CBN is not being very open and honest about the situation. The reality is that, due to falling oil price the FX available for CBN to continue supporting all these foreign transactions is limited. But instead of them to say it the way it is, they keep running around in circles. --- Your experience with the banks is likely not the bank's fault. The banks realized that the CBN was not supplying enough dollars anymore for those qualifying transactions (LCs, BTA, school fees, medical bills, etc) even though the CBN kept telling everyone that it was still supporting them. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by uchennaq(m): 6:52pm On Jan 21, 2016 |
ritzyvic1: YOU MUST BE LIVING IN THE WILDERNESS. MY FIRST BANK IS GTB AND THEY HAVE BEEN CHARGING ME DOUBLE. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Nobody: 7:01pm On Jan 21, 2016 |
Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by jogojogo: 7:03pm On Jan 21, 2016 |
wealthprod: I am sorry @wealthprod, Banks buy from CBN around N197.50 and sell N199. Today's rate at the Bank is still about N199.00. You want to confirm this assertion, you can walk into any Bank and check the rate at the rate board. However, FX transaction is not open to all products/services but limited to some form of products/services as specified by the CBN. The N300 rate is at the black market or BDC. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by richard870(m): 7:05pm On Jan 21, 2016 |
wealthprod:It's the same thing here in Ghana. Officially the rate is 50.3.. to the naira, but you get 76.... whenever you withdraw in any bank Nigerian bank in Ghana. This makes things difficult for Nigerians in Ghana and beyond |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by abe4kom: 7:07pm On Jan 21, 2016 |
veraponpo:You know nothing of the subject under discussion bro. You have just shown that you have not made any intl transactions in the last 2 months if ever. Just stick to what you are well versed in bro. No vex. 2 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by me69: 7:14pm On Jan 21, 2016 |
These banks must be fine just like MTN |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by jogojogo: 7:26pm On Jan 21, 2016 |
abe4kom: Take it easy dear, @veraponpo was simply right. I speak out of experience and as a Banker with deep experience in FX transactions. As at today, I processed School Fess transaction to an Institution in Republic of Ireland. The rate was N199.30. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by kay29000(m): 7:35pm On Jan 21, 2016 |
Bevista: This is the major problem I have with Nigerian banks. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by cococandy(f): 7:48pm On Jan 21, 2016 |
Thieves and crooks. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by AdeMoss: 7:49pm On Jan 21, 2016 |
Loosely speaking, CBN sells dollars for N199 and if you have a legitimate transaction with the use of FORM M or A, that is the rate that you will be charged. Also, if you have a USD credit card and want to settle money spent it can be done at CBN rate. The issue is people tend to carelessly use a Naira card for USD transactions. Why don't you just get a USD card? 3 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by bitingcool: 7:55pm On Jan 21, 2016 |
Some banks are yet to commence zero COT. If you have a zenith account. Go and reconfirm 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by seenter84: 8:03pm On Jan 21, 2016 |
Legal bbank scam. Western union shoul be giving us dollars. Tired of all these legit scams lalely. Govt scam, everywhere sccam |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Opoki(m): 8:16pm On Jan 21, 2016 |
This are issues Nigerian youth ought to stand up to and protest but so sad that they'll prefer to protest for the release of Namudi Kalu, Dasuki, cuffing of Olisah Mesu, praise Fayiose for cutting fish, praise GEJ for keeping shut on important issues, hurl insult on Buhari for visiting countries of common interest. Una never know anything, soon, we'll be paying for fish with bale of naira. 2 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by onatisi(m): 8:55pm On Jan 21, 2016 |
AdeMoss:how do u fund the dollars card? Buy blackmarket rate of 300 USD the put the dollars in ur usd account? Ok so when u pay with a usd dollar card what will be the bank rate ,blackmarket rate or cbn rate ? 3 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by omojeesu(m): 8:58pm On Jan 21, 2016 |
Bevista: The CBN is fully aware. They are all in the game of deception together. The monetary system of the world is set up to make the rich richer and poor poorer. They did not set them up for the poor though they claim to be helping the have nots. The goal: economically enslave the world and compel them to serve the endtime world leader, the apocalyptic beast. 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by magicfingers009: 9:09pm On Jan 21, 2016 |
At last one educated person on this thread. CBN sells to DMBs who come to bid for CBN transactions using CBN instruments (such as FORM A and FORM M) for their customers. Ignorant people with less than a hundred thousand naira in their accounts are screaming robbery. If you close your account today, banks wouldn't feel the effect. Bevista: I am sorry bro. You just came here to show us your inept ignorance. Read The Economist more often. abe4kom: |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by magicfingers009: 9:16pm On Jan 21, 2016 |
OGA! CBN doesn't finance PTAs and BTAs. The monitor and encourage commercial banks to sell BTAs and PTAs to individuals above 12 years with a valid visa and a ticket to a maximum cap of $2,500 Teenaira: |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Okbaba: 9:18pm On Jan 21, 2016 |
coolhamid: Which bank did you use because this rate looks better than what the orange Bank charged from my card 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Laredojohn(m): 9:21pm On Jan 21, 2016 |
Heamah:Yes, gt to gt...its free... |
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